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Professional Income Morethan 10 lakhs

GVRS Kumar (Finance Executive) (28 Points)

17 September 2009

If an individual professional income morethan Rs.10.00 lakhs, is it accounts audited, if yes, is it normal procedure what we are following more than Rs.40.00 lakhs business income

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3 Replies

VARUN (PCC STUDENT) (523 Points)
Replied 17 September 2009

As per Sec. 44AB Tax Audit is necessary when ur business income exceeds Rs. 40 lakhs and when professional income exceeds Rs. 10 lakhs , so in ur case , tax audit is necessary and yes the procedure to be followed is the same as we do in the case of Business income ....

Regards

Varun Makhija

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GVRS Kumar (Finance Executive) (28 Points)
Replied 17 September 2009

Thank you Mr. Varun

GVRS Kumar (Finance Executive) (28 Points)
Replied 17 September 2009

Originally posted by :VARUN
"	As per Sec. 44AB Tax Audit is necessary when ur business income exceeds Rs. 40 lakhs and when professional income exceeds Rs. 10 lakhs , so in ur case , tax audit is necessary and yes the procedure to be followed is the same as we do in the case of Business income .... Regards Varun Makhija	"